We study the influence of optical selection rules and polarization splittings on properties of exciton polaritons in a planar AlGaAs waveguide containing embedded GaAs quantum wells. We demonstrate that transverse electric and transverse magnetic modes couple differently with light- and heavy-hole quantum well excitons, which leads to distinct polarization splittings of the resulting polariton modes. The experimental data are in good agreement with modeling based on theoretical data for the optical selection rules for quantum well excitons.